Ethereum

Solana

Hope

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum’s recovery gains momentum as signs of seller exhaustion emerge.</li>
 <li>US-based spot Ethereum ETFs are expected to trigger a bullish turnaround.</li>
</ul>
<p>Ethereum is showing signs of a strong recovery, with the market indicating that sellers may be running out of steam.</p>
<p>There is also a growing optimism among bullish speculators that the introduction of a US-based spot Ethereum ETF could trigger a bullish turnaround.</p>
<h2 id="ethereum-etfs-on-the-horizon">Ethereum ETFs on the Horizon</h2>
<p>On July 9th, Ethereum [ETH] was trading positively following a day of significant developments. Prospective issuers of a US spot Ethereum exchange-traded fund (ETF) submitted their revised registration forms.</p>
<p>VanEck, 21Shares, Franklin Templeton, Grayscale, Fidelity and BlackRock updated their form S-1s, joining Bitwise, which was the first to update its registration statement the previous Friday.</p>
<p>Grayscale submitted two amended filings for its Grayscale Ethereum Trust (ETHE) and its Mini Trust. However, Invesco was the only one to miss the July 8th deadline set by the US Securities and Exchange Commission (SEC).</p>
<p>In a separate announcement, Grayscale stated that the first issuance of shares for its new Ethereum Mini Trust (ETH Trust) would be on July 18th and it plans to list the ETH Trust on NYSE Arca, pending approval.</p>
<h2 id="next-steps-and-market-anticipation">Next Steps and Market Anticipation</h2>
<p>Bloomberg ETF analyst Eric Balchunas noted that the SEC is expected to review the refiled registration statements and provide issuers with a roadmap for the final listing.</p>
<p>The markets are eagerly awaiting the final approval that will allow spot Ethereum ETFs to start trading. Balchunas speculated that the proposed ETFs might go live on July 18th, but the exact timeline will depend on feedback from the US federal securities regulator.</p>
<p>CoinShares’ digital asset fund flows weekly report published on July 8th showed that Ethereum-based investment products saw inflows totalling $10.2 million last week. Interestingly, Solana topped the list of assets in terms of weekly crypto asset flows, with $16.3 million inflows compared to Ethereum’s $10.2 million.</p>
<p>VanEck and 21Share are also seeking approval for their spot Solana ETFs, and the Chicago Board Options Exchange (CBOE) filed two forms 19b-4 with the SEC for these products on July 8th.</p>
<h2 id="technical-analysis-of-eth-usdt">Technical Analysis of ETH/USDT</h2>
<p>On July 8th, ETH briefly retested the support zone around $2,800 to $2,850 before bouncing above the $3,000 psychological level. The recovery has continued due to a successful defense of the long-held support zone, which bulls defended between April and mid-May.</p>
<p>The steady prices in the last 24 hours back technical indicators and signals suggesting a potential rebound.</p>
<p>On the hourly chart, the ETH/USDT pair traced a W-shaped double-bottom pattern above the crucial support, indicating a potential bullish turnaround. Long-wick candles around the $2,800 – $2,850 critical support further suggest seller exhaustion and a possible upward trend reversal.</p>

Ethereum Maintains $3K Position, Fuels Hope with Possible ETF Turnaround

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CoinEagle.com

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